Monster Beverage (NASDAQ:MNST) announced that its board has approved a stock buyback program, which authorizes the company to repurchase $250.00 million in outstanding shares on Thursday, March 1st. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
Several equities research analysts have commented on the company. Zacks Investment Research raised Monster Beverage from a “sell” rating to a “hold” rating in a report on Tuesday. Citigroup set a $70.00 target price on Monster Beverage and gave the stock a “buy” rating in a report on Monday, March 5th. Deutsche Bank raised Monster Beverage from a “hold” rating to a “buy” rating in a report on Monday, March 5th. Morgan Stanley dropped their target price on Monster Beverage from $70.00 to $67.00 and set an “overweight” rating on the stock in a report on Friday, March 2nd. Finally, BMO Capital Markets dropped their target price on Monster Beverage from $71.00 to $68.00 and set an “outperform” rating on the stock in a report on Thursday, March 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $65.87.
Shares of Monster Beverage (MNST) traded up $0.97 during trading hours on Thursday, hitting $57.21. The stock had a trading volume of 1,810,646 shares, compared to its average volume of 2,970,584. The company has a market capitalization of $31,860.16, a P/E ratio of 40.01, a P/E/G ratio of 1.71 and a beta of 1.14. Monster Beverage has a 1 year low of $44.35 and a 1 year high of $70.21.
In other Monster Beverage news, Vice Chairman Hilton H. Schlosberg sold 13,983 shares of the stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $64.53, for a total value of $902,322.99. Following the transaction, the insider now owns 967,456 shares of the company’s stock, valued at $62,429,935.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Thomas J. Kelly sold 15,000 shares of the stock in a transaction dated Wednesday, March 14th. The shares were sold at an average price of $58.31, for a total value of $874,650.00. Following the completion of the transaction, the vice president now directly owns 9,651 shares in the company, valued at approximately $562,749.81. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 132,139 shares of company stock worth $8,156,191. Corporate insiders own 9.40% of the company’s stock.
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About Monster Beverage
Monster Beverage Corporation is a holding company. The Company develop, market, sell and distribute alternative beverage category beverages under the brand names of Monster Energy, Monster Rehab, Monster Energy Extra Strength Nitrous Technology, Java Monster, X-Presso Monster, Muscle Monster, Punch Monster, Hansen’s, Hansen’s Natural Cane Soda, Junior Juice, Blue Sky, Hubert’s, Worx Energy and Peace Tea.
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